Mortgage (Financing) Contingency A mortgage contingency or financing contingency saves a buyer from losing their deposit money if they are unable to get a mortgage within the time stated in the purchase contract, through no fault of their own. The mortgage contingency clause is an important part of NYC real estate purchase contracts, and it […]
Any renovation or remodeling of an apartment or another structure that requires stripping away the walls and flooring to expose the “guts” of the structure is called a gut renovation. A full building or apartment gut renovation sometimes also includes tearing down walls, which leaves you with just the outer structure (shell) and load bearing […]
What Is A Flip Tax In NYC? A flip tax is a fee that you have to pay to the co-op building or board when selling your co-op apartment in NYC. Some condominiums have this fee as well, but it’s very rare compared to co-ops. It’s not technically a tax since it’s not collected by […]
In NYC real estate, an estate sale refers to a property that is being sold after the death of its original owner (the deceased). Some people also include real estate properties that are on the market when their owners permanently move to a facility due to old age, which implies that they are unable to […]
What Are Closing Costs? Closing costs are what buyers and sellers have to pay when they complete a real estate transaction, and the property changes hands between the buyer and the seller. These costs can be 2-4% of the purchase price for the buyer and are paid out of their own pocket. Closing costs are […]
Capital gain (or profit) is when you sell an asset (like real estate) for more than you bought it. The capital gains tax is the tax you have to pay the federal government and the city/state government on the profits you made. For example, if you bought an apartment for $500,000 and sold it for […]
What Are Air Rights? Air rights are a property owner’s right to either build or sell the unused portion of the full property area they are allowed to build on a lot. New York City is by far the densest city in the country. One reason is that there is only so much vacant land […]
ACRIS stands for Automated City Register Information System (ACRIS). It’s primarily a database of the property records (which are public) for all commercial and residential properties in NYC’s four boroughs: the Bronx, Brooklyn, Manhattan, and Queens. Staten Island is not part of ACRIS. But it allows you to do more than that. The records are […]
What Does HVAC Stand For? HVAC stands for Heating, Ventilation, and Air Conditioning. What Does It Do? An HVAC system is responsible for heating, cooling, and maintaining airflow in a building. HVAC usually refers to central air and heating systems. In NYC, central heating is quite common, but central cooling is not. One reason for […]
A real estate appraisal or a property appraisal is a process in which the actual market value of a property is determined by third-party, non-biased professionals called appraisers. The actual market value of the property is different from the price the seller wants or the price a buyer is willing to pay. It’s what the […]
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